Perry Ellis International, Inc. completed the refinancing of the Miami,
Florida headquarters facility as well as secured a fixed interest rate
reduction on the mortgage of its Tampa, Florida, distribution facility.
The refinancing secures a $13 million mortgage on the Miami, Florida,
facility and results in additional gross proceeds of approximately $2.1
million. The terms are secured for 10 years with a fixed interest rate
of 5.80%, which replaces the previous rate of 7.12%, and has a maturity
of August 2020. As a result of this refinancing, the outstanding
mortgage will be reclassified as long-term debt on the company's balance
sheet. For the Tampa distribution facility, a new rate of 5.75%, which
represents a 50 basis point interest rate reduction, was secured for the
remainder of the term loan which matures in June 2016. These reductions
represent an annual interest savings of approximately $215,000.
George Feldenkreis, Chairman and CEO commented “We are extremely pleased
to have executed the financing transactions, which their structure and
duration will allow us to continue improving our balance sheet metrics
while maximizing value for all of the Company's stakeholders.”
Among its athletic brands are Nike and Jantzen in swimwear;
Grand Slam, Callaway, Top-Flite, PGA Tour and Champions Tour in golf
appparel, Gotcha, MCD and Redsand in action sports, and Pro Player
team apparel.
